tv Greta Van Susteren FOX News October 28, 2011 7:00pm-8:00pm PDT
and may fall. they are out there. >> we're going to hear from eric holder on november 8th. that is all the time for being with us. greta is next. people are mad at the economy, right place to focus is washington because they are destroyer of jobs in to. >> together we can ignite this economy, there is the 999 plan. this is called the zero, zero, zero plan. >> we need to turn the economy around. no matter who the person is we have to have someone that we can believe in. >> once we were wealthy country, middle-class was strong. today middle-class is weak. it's getting weaker. the poor are in more numbers,
rich are getting richer and productivity has left us. >> the president was to turn around the economy, now over a thousand days later he is still talking about a stimulus man. bee looked at the first stimulus, did it work? >> no! >> to cut taxes and spending. balance the federal budget and grow our economy and jobs. >> our biggest domestic problem is the economy which is on life support. >> we've learned some important lessons, this economy has spun out of control. we have hard decisions to make. we're not going to be able to bring our people together in america until we fix the economy. >> america should be a place where no matter where you come from, no matter what you look like you can make it if you try. this economy works best when it works for everybody, not just for those at the very top if
opportunity exists for all americans, then all of us do well. folks in the middle and folks at the top and folks at the bottom. >> greta: welcome to a live fox news special. economy in 2012. you are sending your message loud and clear. economy is the most critical issue to voters in this country. latest fox news poll, gop primary voters show a whopping 76 am say the economy is the most important issue in deciding their vote for the republican presidential nominee. almost ten times the amount senate security is important. and it's taken a wild ride this week but wall street ended with less optimism. consumer spending that is up but confidence is way down. where does it leave us? senior correspondent, you are so
optimistic so good place to start with you. tell me where are we and where are we going to be in six months? >> where we are right now, we've just finished a real fear. fear of two big bogieman, the u.s. recession and europe collapses. so the bogey men have been out for a while. where we are six months again is going to depend on a couple things. the biggest thing is how we feel. grefa i spent all day gathering this data. this guy is showing me why we're on a path to bankruptcy. he admits the one thing that hasn't collapsed yet is spirit, faith and confidence. we're coping with inflation.
then i talked to guy that reads a dozen sources, you are looking at all the data. you are missing the point. this is about feeling. the reason this is the worst ever from a bad recession is because our president, our politicians are demonizing wall street. they are bashing big business. there is this movie north dallas 40. nick nolte is a star. matt davis is quarterback and huge qei is a lineman. he gets in a fight with bo and complains to the quarterback, he says, don't bother, you are going to ruin his confidence. nick nolte and democrats and government, poor big guy. his spirit has been hurt. these guys are really afraid to invest. banks get criticized for raising fees that they had to raise because washington passed rules capping other fees.
they are supposed to do that. we have a president criticizing them for it. we have to stop criticizing job creation. we want to ensure equal opportunity. we don't want to crack down on the unequal outcome. some people work harder, have more opportunity because of what they did themselves. right now we're penalizing that and we've lost the american spirit. >> greta: okay. it's touchy, feelingy and let's feel good about the economy. it sounds great. some of us a little more practical, why in the world did we do this. unemployment rate stuck at 9.1%. we've got money locked in overseas. it's hard to do the kumbayah and they are strong signals you would be out of your mind to do certain things.
you know you can't sell your house right now. >> it's a problem like you said. we've seen to depict everything as a tragedy and as a crisis. i think its challenge. >> greta: you've got a job. if you don't have a job, you are worried about and worried about losing it, it's not, quote, a challenge. >> you talked about housing. housing prices have not fallen to their natural bottom because of government getting in the way. you talked about jobs. one roens reason, government is scaring the day lights out of big with new laws. they want to pass new taxes, new obamacare. >> greta: but there is a lot of jobs lost. a lot of the jobs lost, companies found out by eliminating a lot of people they can do just as much work with smaller numbers of people.
>> and those people can find other jobs. let us remember the unemployment rated with a person with a college degree is only 4% if you don't have a college degree you are in deep trouble. >> who can afford to get one of when you can't meet your mortgage payment? >> well, hey, you know what, you are going to college and make it happen. stop cursing. let's pick ourselves up. let's do something guys. we have a president telling us, it's really bad, you need government to come protect you. to hell with government. protect yourself. build. you can do this. we are the most amazing country with the most amazing work force in the world. i am tired of all the downer, all the hopelessness. there is hope here. this is a challenge, this is not impossible.
we have some of the most amazing debates but it's going to change the world. one way or another. >> greta: and let's suppose it is going to happen. it's not going to happen in the next 30 days when someone's mortgage is due. i agree. let me tell you, i would say if i were you that we have 91% employment rated. it's the 9.1 unemployment that has everybody scared to death. >> 85% homes are up to date and paying mortgages on time. we keep forgetting there are 130 million people working. we do have companies innovate. there is more people in line to buy and iphone there was people
protesting on wall street. >> i think it would be groceryly unfair that a lot of people who have been beaten down by the economy have sort of given up and they are not counted. i don't think cheer lead people to go out and do all this. you i don't think we should set aside people who are really suffering and really trying and lots of things being done against them. >> i know it's hard. if you give up, it is your own fault. never give up. never give up. don't do it. >> greta: if your house is under water in milwaukee and you can't take the job in minneapolis. dennis, thank you. >> all right. now to the economic crisis, unemployment. people need jobs. the unemployment rate stuck at 9 president bush 3% and despite claims, employers are not hiring
fast enough. louise why you they not hiring fast enough it's a little bit of surprise to get positive economic news. we saw in the third quarter, it's much better than the first half of the year, for the gdp. jobless claims have gone down. what is going on in europe and because of the volatility the stock market that we're going to go into recession. the news is okay. it's more positive than we expected but it's not great. it's not enough to bring the economy back to a really good place. so they are reaching out and they are only hiring a few. for instance, in september employers hired 72,000 people. just to keep up with the growth in our population in america you've got to hire 100,000 every
month. so this isn't enough to bring our economy back. what they are looking at is somewhat of a recovery but not a recovery like we had in the early 1980s where gdp sprung back 7-9%. now, 2.5%, what it means we could be three years out with the have and have nots. who don't have a job. five or six, seven years, maybe never get a job. it's a serious situation. >> greta: you say the gdp back in the 1980s, what was different then, is there anything we can learn back in the 1980s that might fuel us now? >> the banks were a lot better shape. you are not seeing a lot of lending from the banks. the banks say there isn't demand for their loans. but critics say itself banks,
they are too high and the banking system and how it changed and back in the '80s it was healthier and able to lend to small businesses and to start-ups that employed a lot of people. >> greta: i like to look on the bright side, in spain, unemployment is 21%, so 9.1% looks good, if you look at seasonal jobs, one thing i found best buy which does a lot of seasonal hiring last year hired 29,000 people. that is great. this year apparently they are scaling back to 15,000 and that is other seasonal employers. that is bad indicator. that is something scaring people who don't have jobs and those of us that wish they had jobs. >> speaking to the readjustment of our economy. people are not spending like they used to spend. american consumer spending is up
a little. it is nothing compared to 2006. they say we're not going back there. we're in a new era and we're going spend less. they are going to borrow less and companies are doing with fewer employees. the banks are some of the companies that are laying off the most people. we've got bank of america laying off over 30,000 people. all the banks are laying off people. what is going on they are saying okay we'll have everyone do online banking and cut back people. war moving to an economy that does not value people standing there serving other people as much. it's moving to automation. you can say, this is good or you can say, maybe you want them to have the jobs. that is public policy question now. what do you want people doing? do you want people programming your computer or people standing in the branch and helping you figure out to make financial
decisions. >> greta: people spend and we want to make up more things. i never quite get this. we get criticized for not saving. it seems like a conflict. what do you want us to do, spend or save? >> it is a big conflict. we were overleveraged, they were borrowing from their houses to spend money. but the problem with the american economy is we lie on consumer spending. for this economy come back, so consumers have to spend. so we have a catch-22, people can't overspend and it's probably good for them to not to borrow but how does our economy come back? you have to say five to ten years from now and a different economy. it doesn't rely on consumer goods and relies on other sorts of spending instead of the old spending we used to see.
>> some are saying that we won't get back to 35.4% unemployment rate until about 2017. >> that is right. that is people out of work for six or seven years. what do they live on? their houses are down in value. the stock market is down. it's the haves and have nots. >> greta: 2017 is not pal tackle. >> straight ahead job creation or political problems. president obama says we can't wait for congress. are his latest moves helping or hurting job growth? you'll hear from a former advisor next. check your watch, time is running out for the super committee. can the members bridge a trillion dollar gap and if not, then what? is it 999 or flat tax or something totally different? americans are desperate for answers and each gop candidate
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for the last three years, we worked to stabilize the economy and we made progress. the economy is now growing but too slowly. we've had tried sector job growth but it's been off set by police and firefighters and public sector. we still got a long way to go. >> greta: welcome back to live fox news special, voters are making it clear. the road to 2012, it starts and ends with jobs and economy. president obama is desperate for job creation, now trying to side step congress. this week he invoked executive powers to get people back to work. his approval rating taking a beating.
recent poll puts president obama's approval at 42%, that is not good. but it's economic approval rating is worse, it's only 35%. doug joins us. its desperate situation and it should be how do we get jobs, nonetheless, you are not going to get re-elected if the job market keeps going down, do you agree? >> absolutely. this is the whole story of the election, no jobs, no reelection period. >> greta: and you look at history. president carter had a terrible economic situation. he had one term. president bush i ran in the same thing and he didn't get re-elected. but in some ways though it looks like the president isn't running against his own record which demonize congress being in a
logjam? >> he is running against the congress, against the republicans. he is running as an outsideer, anti-wall street. he is doing everything he can to be an outsider. >> is congress though part of the problem? are they standing in the way of implementing programs that would create jobs? i look back to the stimulus bill heerjs got that and we didn't get a whole lot out of it. people are gun shy at another one. then you've got the democratic dodd-frank bill that creates regulations and republicans say that is the problem. >> he makes the argument he wants to do things traditionally have been passed with bipartisan majorities like infrastructure, payroll tax cuts and he he says he is being blocked by republicans in congress. he doesn't talk about things like regulation which arguably are just as serious problems. he is running against the
republicans in congress reminiscent of harry truman, the only problem is democrats control the senate. republicans don't control the whole thing. >> greta: in the dynamics running on infrastructure and paying payroll taxes, that is what he got in february of 2009. it would behoove him if it were successful. i understand it's a difficult problem. but he is really sort of running against himself. he better come up something different than half a stimulus now? >> two step, i stabilize the economy with the first stimulus, the republicans have blocked me from doing what i really wanted to do. and f.d.r., he is running against the big banks, republican corporate interests that is frustrating the american's people's desire to get back to work. >> but he is trying to stabilize
an economy but growth is not like it to be. okay, i stabilized it but it's still very sluggish. it's unappealing to so many americans, when the unemployment rate in february of 2009, it's gone up in unemployment. it's not a convincing argument to a lot of americans? >> present siegs sizely the point. it is not convincing which is why he is going to demonize the republicans who ultimately they end up, now mitt romney. the campaign will be negative because the best case, stabilize the economy, a little economic growth in the third quarter but no reduction in unemployment. that is why we're going to see tough negative ads. >> greta: never expected miracles out of the president because the economy was what when he took over but he owns the trend. if the indicators, he owns it and gets credit for it.
the problem is the indicate teors the extent, it's so sluggish. you don't have much time to turn this around to own a good trend between now and november? >> i think his advisors he is not going to own the trend. best indication for stabilization and that why you're going to see a campaign where run as an outsider, running against republicans and wall street. anybody his own record which he really can't defend. >> greta: i think he should hope for an opponent that is not impressive offer inspiring to the voters. >> so far it looks like he is going to get somebody like that. romney has the problems with closing businesses and cutting jobs. i think he has got an opponent he can beat. electoral map presents real challenges. there are a lot of core democrats out of work. >> greta: he may get a surprise.
he may find himself against herman cain. he is on a roll. a lot of people are getting more interested. doug, thank you. coming up, 20% flat tax,, 9t plan. republicans say they can do better than president obama. what is behind those numbers. will any of them work? we'll take a closer look next. also the final countdown is on. secret super committee leaking the plan. can democrats and republicans strike a deal in time or is the divide too big? the latest will be coming up. @?
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>> greta: magic bullet to fix the economy. that is crucial question for presidential candidate and it could mean life or death to their campaign. steve from roll call. the two flat tax ones, perry's and gingrich. what is the difference? >> the key difference in that corporate rate under gingrich's plan would be lower. i think it's important to note that under both of these plans you can opted out of them. you don't have to take that flat rate. the middle-class taxpayers would be paying more taxes under that
plan won't have to pay more taxes. that is key difference from cain's plan. >> but the problem with that means less revenue for the treasury which increases in our debt and deficit. >> gingrich in particular he is going to have a tough case, that is revenue neutral. he is attracting scrutiny on that front. >> greta: and protects the wealthier citizens, they can pick between the two. governor romney has 59-point program some say is quite complex? >> it's detailed and elaborate plan. it's really unimaginative. it's the status quo plan. for instance, on individual tax rates, to keep them as is, there are vague references to tax reform but no concrete details. >> greta: so what do we get out of this one? >> when romney proposed the plan president obama had no plan the economy.
politically he came out he is the man with the detailed plan on how to fix the economy. obama has since come out with the american jobs act which eliminates the contrast, now romney's plan looks kind of blah. >> so basically there is no change with the governor's. nothing remarkable with romney's plan? >> on taxes. every candidate wants to repeal obamacare and some regulations. there is something in common with the plans but differentiating himself among the candidates he has not done that. >> greta: cain came out with 999 and some of the candidates criticize it because you give the congress a sales tax and they are going to run wild on it. cain is saying it's a package deal. it's all three taxes that he is
talking about. has that been scored in terms whether that raises or lowers revenue? what is the expectation? >> mr. cain has scored it himself. there are some other people familiar with the numbers that disagree how he scored it. i will say, i think it's naive to come to washington and think you'll be able to get three numbers out of the package given that the legislation has to go through congress. it's not just going to be up to a president cain if that happens. >> greta: flat tax, is there any difficulty? can you get your plan through congress is that a flat tax has not been popular among democrats -- i should take that back, there is some support, but a flat tax to some extent? >> here the argument on the 999 plan. by instituting a federal sales tax you are opening a new avenue for congress to tax the people.
so they'll have this new method of taxation that will give them another chance at it. >> greta: what is it like taking the gingrich 15% flat tax and changing that to 125 later? >> sure they could do it. >> -- 25 later. >> except for it's not a new form of taxation. >> greta: okay, thank you. flat tax may be the hottest phrase in the gop race but not a new you idea. it goes all the way back to the civil war. it's not just the republicans who have advocated for it. first candidate to push for a flat tax was democrat jerry brown. during his presidential bid he proposed a flat 13%. now, he is california's governor he hopes the simplicity of the flat tax would lead to honesty in government. coming up, congress cutting it close, super committee is weeks from a deadline. can both parties strike a deal
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the latest innovation. only for ink customers. learn more at chase.com/ink >> greta: this week a deficit deal in 60 seconds but first, let's go to our newsroom. >> northeast is bracing for a big and early snowfall. it's expected to combine a cold weather system possibly dumping ten inches of snow in new england tomorrow. they are saying the storm could break early snowfall records in areas of massachusetts. and decision comes week after talks failed to end the dispute in the n.f.l. today's decision marks the third time the league has cancelled games.
first in the pre-season and then the first two weeks of the regular season that was set for november 1st. games will be played on november 30th at the earliest. now, back to on the record. for the latest headlines go to foxnews.com. simply put america's economic strength and our global leadership are a package deal. a strong economy has been a pillar of american power in the world. it gives us the leverage we need to exert influence and advance our interests. >> greta: fox news special, economy in 2012 and a critical deadline is quickly approaching. super committee is racing to reach an agreement. last time they took it down to a deadline there was a credit
downgrade. so are we heading for a double downgrade? christina joins us. first of all what are the odds that this super committee by november 23rd is going to reach an agreement. >> even though i am an optimist, i would say that the odds are pretty slim. they have built a little extra time. but really these mandatory cuts in spending, if they don't reach an agreement don't trigger until january 15th, that is a lot of time for congress to put the pedal to the metal and make something happen. that deadline is rapidly approaching and parties on the committee are still wide apart in the way they are trying to reach a deal. >> greta: i think there is a little voodoo but to what extent is the composition of committee.
are the leaders that put the committee together. men and women on this committee, are they going to reach together? >> i think a lot of people have their eyes on senator portman. he is obviously worked for the bush administration. he has made compromises before. congressman epten, congressman from michigan, they are moderate deal makers but are you are talking about republicans and democrats having fairly fundamental differences, you've got democrats proposing tax increases and republicans oppose increases in medicare premiums. what is very interesting in the republican proposal includes cuts to agriculture subsidies which is one of a few things that republicans have been able to accept in some of the deal making. that is where i think there is
actually possible compromise but the composition, these are people that fundamentally you shouldn't raise taxes or you should raise taxes. the parties don't come to an agreement when you have such a wide disparity there. >> greta: even if this was composition, working together and reach an agreement, it has deep divide on many issues but ten een if they came out with a proposal it has to pass both houses on the hill. so you might there find a lot of polarization. so it could be cooked once it got to the hill? >> i do think you have to have seven members of this committee sign off on this deal. that is why i think they probably can't meet this november 23rd deadline. they are going to need to for ui late that agreement. whatever they agree to will be able to pass congress. the big agreement will happen behind closed doors, among the small groups.
then whatever happens congress will probably pass it. they're not going to come up with a deal that is not pal tackle in both chambers. i don't see it very soon. maybe i am too much of a pessimist, but i think they are going to need some extra time. >> greta: let's say they still stick to november 23rd. i assume cbo needs it in advance so whatever deal we have an idea what it means. it's not just numbers thrown at us. i take it, or am i right is the stimulus scored and how much time would they need? >> i think that is true and i think they have done it as quickly as 48 hours. there were a few scores that came out quickly. a lot of people put it as gold standard of numbers. you are relying on a lot of assumptions what will happen with the economy. i think people will look to that
number but none of these numbers are really hard line numbers. it's fuzzy math on both sides. >> greta: christina, thank you. >> straight ahead. small signs of economic improve thy week but not enough for people trying to pay for groceries. how are americans making ends meet and to do they blame for the burden? we'll take you to the streets, next. >> to get the economy going, the way it works in government, you pass a budget. at adt, we get financing from ge capital. but they also go beyond banki. we installed a ge fleet monitoring system. it tracks every vehicle in their fleet. it cuts fuel use. koch: it enhances customer service. it's pretty amazing when people who loan you money also show you how to save it. not just money, knowledge. it's so much information, it's like i'm right there in every van in the entire fleet.
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>> greta: jobs and economy two of biggest issues keeping people up at night. they are piling up with bills. we asked people across the country how tough times are affecting them. >> the americans are breathing a cautious sigh of relief with the news this week that our economy, the world's largest has finally begin to grow but at a snail pace. unemployment is above 9%. some folks are feeling the
impact. >> i think it's affected everybody tremendously in terms of fear of the future. fear of paying for college. >> three months i wasn't working. ten months previous to that i was not. it's been very fluctuateding. >> and college and tuition, it's been tough. >> my sister doesn't have a job. we live together so basically i pay the rent. everything is on my shoulders. she is trying. he stays at home but tries but still she doesn't have a job. >> we're smarter about buying groceries and using coupons, make sure we buy what we are going to use. as a teacher i'm worried about our state financial situation being a teacher and having budget restrictions. >> personal household budgets. we've had to be smart with. it appears we're going to be working a lot longer, maybe than
we thought we were. >> it's been tough. we had to make a lot of sacrifices. we actually, my husband got a job offer here and we decided to sell our house because of economy and because of the down market, we're losing probably about $60,000 on our house. >> certainly travel is important for our family. we've had to cut back to that. we've had to cut back on anything, guitar lessons and some of the extra things, enrichment we can't afford anymore. >> it's definitely a concern. when you think this is now, you are saying, it's not the best conditions but we think what it could be in the future, being a young person, i want to raise a family or something like that. that is definitely questions you have to to ask yourself, do i even wanted to start something like that. do i want to bring people into who knows how bad it is going to
get. >> i am from michigan. we help provide people affordable housing where i work. i can definitely tell because i get to see it every day. people are hurting. >> my wife has had some issues, going in and out of jobs because of layoffs. luckily i'm one of the ones that actually have a job and some benefits to go with it. that is not the common story. i'm a cpa. i have a lot of my clients are not working right now. some are in contracting and not building homes and it's affected my business, as well. >> i don't blame president or congress. i think they work -- i think many of them on the average based on their income and lifestyle the way they grew up, i really don't think they quite understand what the average person is going through. >> it really has affected us.
my husband lost his job two and a half years ago. we decided to heck with it, we're going to come to washington and see the sights. our biggest problems he does have a temporary job but no benefits. biggest problem is health insurance. he just turned 60 and his premium is $1800 a month. i know it sounds ironic the premiums are going to kill us. >> greta: coming up the economy and not a laughing matter but not stopping the late night comedians. stay tuned. another laptop bag or hires another employee, it's notust good for business. it's good for the entire community. at bank of america, we know the impact that local businesses have on communities. that's why we extended $7.8 billion to small businesses across the country
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no wonder more businesses choose verizon wireless than any other wireless carrier. verizon. >> greta: from late night tv hosts a topic as serious as the economy but we can always use levity in these times, so let's take a look. >> according to usa today, 74% of americans plan to hand out candy this halloween.
the president thinks it should be just the top 1%. >> president obama just announced a new student loan plan that willing forrive debt after 20 years. yeah. obama says thatting forriving debt is the honorable thing someone can do, then repeated that in chinese. >> very bizarre story, seems denver television consumer trouble shooter. a man named tom martinno filed for chapter 7 after running up a $78 million debt on a salary of $2 million a year. wow. he ran up a debt of $78 million. do you know where this guy can wind up? in the white house budget office. >> occupy wall street been getting a lot of attention, it's been reported the movement has now raised $300,000.
which means now they have to protest themselves. >> there is now a plan to help homeowner in trouble with mortgages. it's so complicated that by way of explanation there is a video metaphor for the mortgage relief plan. here. >> now, a video metaphor for the federal help in financing. >> this pool represents a typical high-rate mortgage. this is the mortgage relief plan. this is the home own years legal state to find help this, is the relief plan working. in the end, they'll still end up underwater. this has been a video metaphor. >> thank you for being with us for our live special tonight. on the record returns on monday night. make sure you go to greta wire.com and let us know what